1987 RES R-79-87 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 the sale of the Bonds pursuant thereto upon the terms and condi- tions set forth therein is hereby approved and, subject to such approval and subject to the provisions of Section 10 hereof, the Mayor or the Mayor Pro Tem and the City Clerk is hereby autho- rized and directed to evidence the City's acceptance of the offer made by the Purchase Contract by executing and delivering the Purchase Contract in said form with such changes therein as the officers executing the same may approve and such matters as are authorized by Section 10 hereof, such approval to be conclu- sively evidenced by the execution and delivery thereof. SECTION 9. Rules and Regulations. The respective forms of the Rules and Regulations Establishing Eligibility (Criteria for Lenders and the Rules and Regulations Establishing Eligibility Criteria for Mortgagors are hereby approved as the Rules and Regulations of the City pursuant to the Act and the Program. SECTION 10. City Manager Authorized to Establish Final Terms of Sale of the Bonds. The City Manager, based on such advice as he may deem necessary, is hereby authorized and directed to act on behalf of the City to establish and determine (i) the final principal amount of the Bonds, which amount shall not exceed $23,300,000; (ii) the final interest rate on the Bonds, which rate shall not exceed 8.0% per annum for any matur- ity of the Bonds; and (iii) the Underwriter's discount for the purchase of the Bonds, which amount shall not exceed 1.0% of the principal amount of the Bonds. The authorization and powers delegated to the City Manager by this Section 10 shall be valid for a period of 45 days from the date of adoption of this Reso-